AMMB Holdings Berhad Announces Step Down of Ramamurthy as Group Managing Director

Feb 12 15

AMMB Holdings Berhad announced that as part of the Group’s ongoing succession planning, the Group has on 29 January 2015, confirmed that Mr. Ramamurthy will be stepping down as Group Managing Director in due course to rejoin his family in Australia and resume his career in a senior executive role at Australia and New Zealand Banking Group Limited.

AMMB Holdings Berhad reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2014. For the quarter, the company reported operating revenue of MYR 2,133,637,000 compared to MYR 2,409,158,000 a year ago. Interest income was MYR 1,081,173,000 compared to MYR 1,183,301,000 a year ago. Net interest income was MYR 487,421,000 compared to MYR 572,178,000 a year ago. Operating profit was MYR 515,204,000 compared to MYR 678,437,000 a year ago. Profit before taxation and zakat was MYR 588,874,000 compared to MYR 615,091,000 a year ago. Profit attributable to equity holders of the company was MYR 416,647,000 or 13.83 sen per basic and diluted share, compared to MYR 415,833,000 or 13.83 sen per basic and diluted share, a year ago.
For the nine months, the company reported operating revenue of MYR 6,927,345,000 compared to MYR 7,170,656,000 a year ago. Interest income was MYR 3,258,011,000 compared to MYR 3,501,677,000 a year ago. Net interest income was MYR 1,502,494,000 compared to MYR 1,696,042,000 a year ago. Operating profit was MYR 1,987,191,000 compared to MYR 1,920,772,000 a year ago. Profit before taxation and zakat was MYR 1,935,906,000 compared to MYR 1,852,818,000 a year ago. Profit attributable to equity holders of the company was MYR 1,399,406,000 or 46.51 sen per diluted share, compared to MYR 1,318,672,000 or 43.76 sen per diluted share, a year ago. Net cash used in operating activities was MYR 2,071,643,000 compared to net cash generated from operating activities was MYR 2,249,693,000 a year ago. Purchase of property and equipment and intangible assets was MYR 106,540,000 compared to MYR 191,591,000 a year ago. Improvement in earnings was mainly attributed to higher other operating income by MYR 331.1 million and lower other operating expenses by MYR 122.9 million.
For the quarter, the company reported impairment loss on financial investments of MYR 4,933,000 compared to MYR 7,473,000 and impairment loss on foreclosed properties of MYR 63,000 compared to MYR 210,000 reported in the same period last year.

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